Global Gallium Arsenide (GaAS) Solar Cells Market Size, Share, Growth Analysis, By Application(Satellites, Military & Defence), By Type(Single Junction, Double Junction)

Description

Global gallium arsenide (GaAS) solar cells market size was valued at USD 14.55 billion in 2022 and is poised to grow from USD 15.78 billion in 2023 to USD 30.19 billion by 2031, at a CAGR of 8.45% during the forecast period (2024-2031).

The gallium arsenide (GaAs) solar cells market is poised for significant growth in the forthcoming years, driven by several key factors. GaAs solar cells offer higher efficiency and lower manufacturing costs compared to traditional silicon-based solar cells, making them increasingly attractive for various applications. These applications range from space and military applications, where higher efficiency is crucial, to niche markets like consumer electronics. In January 2021, Alta Devices secured a contract worth $7.1 million from the US Air Force Research Laboratory to develop lightweight and flexible solar cells tailored for space applications, further underscoring the market's growth potential. GaAs solar cells, characterized by a zinc blended crystal structure along with gallium, arsenide, and germanium elements, are predominantly utilized as substrate materials for other semiconductor growth. GaAs is particularly favored for high-efficiency and multijunction solar cells, exemplified by Azur Space Solar Power's achievement in August 2021. The company developed a new GaAs solar cell boasting a remarkable efficiency of 30.3%, setting a new world record for triple-junction GaAs solar cells.

Top-down and bottom-up approaches were used to estimate and validate the size of the global gallium arsenide (GaAS) solar cells market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Gallium Arsenide (GaAS) Solar Cells Market Segmental Analysis

Global gallium arsenide (GaAS) solar cells market is segmented based on application, type and region. By application, the market is segmented into satellites, military & defence, aerospace, consumer electronics, others. By type, market is segmented into single junction, double junction, triple junction and others. By region, the market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Gallium Arsenide (GaAS) Solar Cells Market

The rising concern regarding the environmental impact of non-renewable energy sources has spurred a greater interest in renewable energy alternatives, notably solar energy. As a result, there has been a surge in the adoption of Gallium Arsenide (GaAs) solar cells due to their high efficiency and reliability.

Restraints in the Global Gallium Arsenide (GaAS) Solar Cells Market

While GaAs solar cells themselves are deemed environmentally friendly due to their renewable energy generation, the production process of gallium arsenide raises environmental concerns. This is primarily attributed to the release of toxic substances during the manufacturing phase.

Market Trends of the Global Gallium Arsenide (GaAS) Solar Cells Market

The exceptional efficiency and reliability of GaAs solar cells make them exceptionally suitable for space applications. The surge in demand for satellite communication and various other space applications has consequently driven the adoption of GaAs solar cells within this particular segment.

Product Code: SQMIG55F2021

Executive Summary

Market Overview
Wheel of Fortune

Research Methodology

Information Procurement
Secondary & Primary Data Sources
Market Size Estimation
Market Assumptions & Limitations

Parent Market Analysis

Market Overview
Market Size
Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges

Key Market Insights

Technology Analysis
Pricing Analysis
Supply Chain Analysis
Value Chain Analysis
Ecosystem of the Market
IP Analysis
Trade Analysis
Startup Analysis
Raw Material Analysis
Innovation Matrix
Pipeline Product Analysis
Macroeconomic Indicators
Top Investment Analysis
Key Success Factor
Degree of Competition

Market Dynamics & Outlook

Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
Regulatory Landscape
Porters Analysis
- Competitive rivalry
- Threat of Substitute Products
- Bargaining Power of Buyers
- Threat of New Entrants
- Bargaining Power of Suppliers
Skyquest Special Insights on Future Disruptions
- Political Impact
- Economic Impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact

Global Gallium Arsenide (GaAS) Solar Cells Market by Application

Market Overview
Satellites
Military & Defence
Aerospace
Consumer Electronics
Others

Global Gallium Arsenide (GaAS) Solar Cells Market by Type

Market Overview
Single Junction
Double Junction
Triple Junction and Others

Global Gallium Arsenide (GaAS) Solar Cells Market Size by Region

Market Overview
North America
- USA
- Canada
Europe
- Germany
- Spain
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA

Competitive Landscape

Top 5 Player Comparison
Market Positioning of Key Players, 2021
Strategies Adopted by Key Market Players
Top Winning Strategies
- By Development
- By Company
- By Year
Recent Activities in the Market
Key Companies Market Share (%), 2021

Key Company Profiles

Alta Devices, Inc. (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Azur Space Solar Power GmbH (Germany)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Emcore Corporation (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
AltaTerra Research LLC (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
MicroLink Devices, Inc. (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
OPEL Technologies Inc. (Canada)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Solar Junction Corporation (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Alta Devices Japan KK (Japan)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
AXT Inc. (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Intelligent Energy Limited (United Kingdom)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Crystal Solar (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
JDS Uniphase Corporation (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
JENOPTIK AG (Germany)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
IQE PLC (United Kingdom)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Nichia Corporation (Japan)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
NREL (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
SolarReserve, LLC (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Spectrolab, Inc. (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
SunPower Corporation (United States)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Suncore Photovoltaic Technology Company Limited (China)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Tata Power Solar Systems Limited (India)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments

Global Gallium Arsenide (GaAS) Solar Cells Market Size, Share, Growth Analysis, By Application(Satellites, Military & Defence), By Type(Single Junction, Double Junction) - Industry Forecast 2024-2031